Welcome to our dedicated page for Parke Bancorp news (Ticker: PKBK), a resource for investors and traders seeking the latest updates and insights on Parke Bancorp stock.
Parke Bancorp Inc., symbol PKBK, serves as the bank holding company for Parke Bank, which provides a range of personal and business financial services tailored to individuals and small to mid-sized businesses. The company offers a variety of deposit accounts, including checking, savings, money market, and individual retirement accounts, alongside certificates of deposit. Parke Bancorp’s loan portfolio encompasses commercial and industrial loans, construction loans, commercial and residential real estate mortgages, and consumer loans. Additionally, the company facilitates debit card services, internet banking, and online bill payment.
Founded in 1999 and headquartered in Washington Township, New Jersey, Parke Bancorp operates a network of branch offices strategically located in Northfield, Galloway Township, Collingswood, and Washington Township in New Jersey, as well as in Center City Philadelphia and Chinatown in Philadelphia. This extensive branch presence ensures the company serves its diverse customer base effectively.
Recently, Parke Bancorp has reported significant financial milestones, including a notable increase in interest income driven primarily by higher market interest rates and increased outstanding loan balances. For the three months ending September 30, 2023, interest income surged by $6.8 million compared to the same period in 2022. However, this positive development was accompanied by a substantial rise in interest expenses, attributed to elevated market interest rates and changes in the deposit mix.
The company's non-interest income has experienced a decline, primarily due to reduced service fees and a decrease in gain on sales of OREO (Other Real Estate Owned). Despite this, Parke Bancorp continues to fortify its financial standing with robust non-interest expense management and strategic cost controls.
Parke Bancorp remains committed to maintaining strong asset quality and liquidity, with a solid credit loan reserve foundation through the newly implemented CECL (Current Expected Credit Losses) methodology. The company’s leadership, under the guidance of President and CEO Vito S. Pantilione, emphasizes caution amidst economic uncertainties while seeking to capitalize on market opportunities. The CEO’s recent outlook highlights the challenges posed by inflation and the competitive banking landscape, while also underscoring the company's preparedness to navigate these hurdles with substantial on and off-balance sheet liquidity.
As the company progresses, it continues to focus on enhancing shareholder value by maintaining strong returns on average assets and equity, despite the economic and industry headwinds. Parke Bancorp’s strategic direction involves controlling expenses, identifying market opportunities, and ensuring continued financial robustness, thereby delivering sustainable growth and profitability.
Parke Bancorp (PKBK) reported Q2 2022 net income of $10.7 million, a slight decrease from $10.8 million in Q2 2021. The revenue for the quarter was $23.0 million. Total assets fell by 6.8% to $1.99 billion, driven by a 9.2% drop in total deposits to $1.61 billion. Total loans increased by 4.3% to $1.55 billion. Despite lower net interest income, non-interest income rose by 20.1%. The CEO noted economic challenges ahead, including inflation and potential recession, but expressed confidence in the bank's financial position to navigate these difficulties.
Parke Bancorp, Inc. (NASDAQ: PKBK) has declared a cash dividend of $0.16 per share, payable on July 19, 2022. Stockholders of record as of July 5, 2022, will receive the dividend. The Board plans to pay dividends quarterly, contingent on financial conditions and regulatory restrictions. Future dividends may be adjusted or suspended. Parke Bancorp emphasizes strong capital maintenance and shareholder value enhancement as they navigate potential regulatory challenges.
Parke Bancorp (NASDAQ: PKBK) reported a net income of $10.1 million for Q1 2022, up 7.0% from $9.4 million in Q1 2021. Revenue reached $21.7 million, with net interest income rising 1.7% to $17.1 million. Total assets decreased by 3.9% to $2.05 billion, while total loans increased 0.7% to $1.50 billion. Total deposits fell by 5.2% to $1.68 billion. The CEO highlighted challenges from expected interest rate hikes and lingering COVID-19 impacts, but expressed confidence in the company's position.
Parke Bancorp, Inc. (NASDAQ: PKBK) announced a cash dividend of $0.16 per share, payable on April 20, 2022, to stockholders of record by April 6, 2022. The Board intends to pay dividends quarterly, depending on the Company's financial condition and regulatory restrictions, with the possibility of future reductions or eliminations. Founded in 2005, Parke Bancorp operates through multiple branches in New Jersey and Pennsylvania, emphasizing personal and business financial services, backed by FDIC insurance.
Parke Bancorp, Inc. (PKBK) reported a net income of $10.1 million for Q4 2021, reflecting a 23.9% increase year-over-year. Total revenue reached $21.8 million, with a notable rise in total deposits to $1.77 billion, up 11.1% from 2020. However, total loans decreased 5.2% to $1.48 billion. For the year, net income rose 43.4% to $40.7 million, driven by improved net interest income and reduced loan loss provisions. Despite challenges like inflation and labor shortages, the company expressed optimism about lending opportunities in 2022.
Parke Bancorp, Inc. (NASDAQ: PKBK) announced a cash dividend of $0.16 per share, payable on January 19, 2022, to stockholders of record as of January 5, 2022. The Board plans to pay dividends quarterly, contingent upon financial assessment and compliance with legal and regulatory standards. Future dividends may be adjusted or suspended based on the Company's financial condition. Parke Bancorp and its bank offer personal and business financial services primarily in New Jersey and Pennsylvania, with deposits insured by the FDIC.
Parke Bancorp (PKBK) reported solid Q3 2021 results, boasting a net income of $10.5 million or $0.88 per share, marking a 60.6% increase from Q3 2020. Total revenue reached $22.8 million, driven by a 13.2% rise in net interest income to $17.5 million. Total assets increased 3.7% to $2.16 billion, while total deposits surged 11.9% to $1.78 billion. However, total loans decreased 5.9% to $1.47 billion, influenced by pandemic-related economic uncertainty. Despite challenges, the company maintained a strong capital position and earnings.
Parke Bancorp, Inc. (NASDAQ: PKBK) has announced a cash dividend of $0.16 per share, payable on October 20, 2021. This dividend will be distributed to stockholders recorded by October 6, 2021. The Board plans to pay quarterly dividends, subject to financial conditions and regulatory restrictions. Although dividends are anticipated, there is a possibility they may be reduced or eliminated in future periods. Parke Bancorp operates multiple banking branches in New Jersey and Philadelphia, with insured deposits by the FDIC.
Parke Bancorp, Inc. (PKBK) reported a net income of $10.8 million for Q2 2021, a 64.5% increase from Q2 2020. Revenue reached $23.5 million, driven by a 21.4% rise in net interest income to $18.1 million. Total assets increased 1.1% to $2.10 billion, while deposits grew 8.3% to $1.72 billion. However, loans declined 3.0% to $1.52 billion. The company highlighted increasing costs associated with BSA compliance amidst ongoing economic uncertainty.
Parke Bancorp, Inc. (NASDAQ: PKBK) announced a cash dividend of $0.16 per share, scheduled for payment on July 20, 2021, to stockholders of record by July 6, 2021. The Board intends to issue dividends quarterly, contingent on financial conditions and regulatory compliance. This release highlights the stability of the bank, with deposits insured by the FDIC, and notes the importance of maintaining capital to ensure future dividend payments. Investors should consider potential risks regarding the sustainability of these dividends.
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